All Posts

The 1099-INT from my brokerage account lists an amount on Box 1, which is Interest Income (not included in Line 3) and  Box 3, which on US Savings Bonds and Treasury Obligations   When this 1099-INT was imported into Turbo Tax, the TT software incorrectly identified both Box 1 and Box 3 as tax exempt and it therefore screwing up my State tax.   For State tax, the amount on Box 3 should be tax exempt but the amount on Box 1 should NOT be tax exempt.   In the State forms, there is a form named "Int/Div Wks" and it is the Interest & Dividend Income Worksheet.   I see in this form, that both the Box1 amount and Box 3 amount from my brokerage 1099-INT are checked in the column where a check mark indicates that it is Tax exempt.   So this appears to be the source of the problem.   Why is this happening?   If I hadn't checked this, I would have significantly underreported my interest income on my state tax return.   In the TT Forms that are listed under the Federal Tax return, there is a Form-1099 INT file for each account for which I had Interest income.   The 1099-INT file for the brokerage firm shows the proper amount in Box 1.  It also has a note that reads "Choose type if special state handling (State use only - see Help)".   It also has a pulldown menu where the selections are for six states (ME, MD, MA, NJ, TN, and WV).  I'm in one of those states and the pulldown menu was already populated with my state.   Again, this indicates that TT believes the amount in Box 1 of the 1099-INT is tax exempt.   On of the pulldown selections is "blank (Regular Taxable Interest)".    This would have been the right selection for TT to populate, but it didn't.     And so the solution was for me to select the "blank (Regular Taxable Interest)" option in Box 1 of the TT file corresponding to the 1099-INT for the brokerage.  This is a very dangerous place to bury this type of info.    Is there something I missed that would have avoided this situation? 

(1) I have an S-Corp LLC. I entered the health insurance premium in my Schedule K-1 Form 7206, Line 1.    (2) I also take out Obamacare, and filled out the Form 1095-A. My total insurance premium paid (Line 33 column A) is the same $$ as in Form 7206, Line 1. On my 1095A, my premium tax credit (line 33 column C is $0).   On Schedule 1, Line 17, TurboTax adds (1) and (2) together, instead of just pulling the $$ from Form 7206, Line 1. Is this a software glitch?

This is my first time filling tax myself so please bare with me.  I have a gambling income of $7500, which I entered with W2-G. I also do have gambling losses of about $4500, which I entered as it prompted and asked me if I had losses.    I went with itemized deduction and entered my losses under Other Deduction Expenses.    When I proceed, it says that "Standard Deduction is right for you", and I get more tax return with Standard Deduction over itemized deduction. Is it because I do not have enough items and amount to claim with Itemized Deduction? Is it better off to forget my gambling losses and go wtih the standard deduction? 

I received a 1099-MISC from my property management company for a rental unit. In box 1 of the form they entered the amount that is derived after deducting repair expenses and management fees from the total rental income. The company has provided me with list of expenses and fees.    A second rental unit that I own but is managed by a different company sent me 1099-MISC but it has the total rental income in box 1. They also provided me with a list of expenses and fees.    For both 1099=MISC all boxes expect box 1 has $0.00   Two different property management companies with two different approaches to 1099-MISC box 1 amount. How do I handle both of these different types of 1099-MISC in TT?

I transfer the whole amount from Washington state GET to 529 plan in 60 days. This is direct trustee to trustee transfer, but TurboTax shows taxable income. 'Trustee-to-trustee transfer' option checked, but changed my taxable income. Why is it?

My wife's brokerage account has sales too numerous to enter by hand, and importing doesn't seem to work right (problem at broker's end, we think) so I simply enter summaries on Form 8949.   Last year, Turbotax told me I needed to send in Form 8453, with the brokerage 1099-B (and maybe related Forms 8949).   This year, it's not doing so.   I am aware of the excellent answer here (https://ttlc.intuit.com/community/taxes/discussion/i-e-filed-my-return-the-filing-instructions-tell-me-to-snail-mail-form-8453-amp-8949-to-some-address/01/777297#M309622) but this doesn't seem to explain the difference from last year.   There most definitely ARE wash sale adjustments this year, but only on type A and D transactions; the few type E transactions are explicitly listed.      

Do I need to amend tax return if only correcting Form 8606 traditional IRA basis that doesn't impact taxes?  Line 2 on Form 8606 was incorrect.  It showed $7000, but should have been $0.  Can I just update the form and mail to IRS?